Recent News
On July 11th Wolfe Research upgraded Piper Sandler to Outperform with a $339 price target; on July 3rd Investor’s Business Daily noted an upgraded Relative Strength rating and a consolidation pattern; during early August filings and reports showed insider sales by senior executives.
Technical Analysis
ADX stands at 15.46, indicating no established trend, so any directional moves lack strength relative to prior trends; that weak trend context reduces conviction behind breakout attempts and frames near-term movement as range-bound versus a sustained trend.
Directional indicators show a DI+ crossing above DI-, a bullish signal that points toward constructive short-term directional pressure, but the low ADX limits follow-through and implies any bullish edge remains fragile relative to the current valuation backdrop.
MACD sits at 5.70 with a signal line at 7.16 and the MACD described as a peak-and-reversal; that combination confirms bearish momentum at the indicator level and raises the risk of a retracement even as price exhibits short-term strength.
MRO reads 25.72 with a peak-and-reversal pattern; the positive MRO indicates the market price lies above the WMDST target framework, implying a higher probability of downward pressure as momentum normalizes, reinforcing valuation-based downside risk.
RSI at 63.41 shows a dip-and-reversal pattern that supports recent buying interest without entering extreme overbought territory; this pattern helps explain the current bounce but does not outweigh the bearish MACD and MRO signals.
Price trades above the 20-day average ($329.49), 50-day average ($313.49), and 200-day average ($285.32), and the Chikou span sits above the Ichimoku cloud; those placements favor continued short-term support, yet the 12-day EMA shows a peak-and-reversal and price resides within a dip-and-reversal inside the -2x Bollinger band, underscoring mixed, near-term technicals.
Fundamental Analysis
WMDST values the stock as over-valued. Forward earnings metrics show forward EPS of $3.70 and a forward P/E of 69.83, which sits above the industry peer mean forward P/E of 48.41, indicating elevated expectations priced into the shares relative to peers.
Price-to-book stands at 4.15, below the industry peer mean of 5.16 and median of 5.44, offering one relative valuation anchor; price-to-sales at 13.02 trades above the industry peer mean of 10.90 and sits near the higher end of the peer range, consistent with premium revenue multiple dynamics.
Free cash flow yield equals 0.35%, materially below the industry peer mean of 4.44%, reflecting limited cash-return leverage relative to peers and supporting WMDST’s over-valued determination.
Profitability metrics: return on assets equals 2.23% and return on equity equals 3.43%, while cash-flow margin equals 22.58%. YoY revenue growth runs 14.21% and the company reports total revenue of $392,077,000; those growth figures show revenue momentum but do not offset the elevated multiples and low cash yield when assessing valuation.
QoQ changes show the P/B ratio increased roughly 19.74% QoQ and about 29.26% YoY; P/S rose about 7.30% QoQ and about 20.49% YoY. Forward P/S moved markedly, with a reported QoQ change of -31.05% and a year-over-year change of 262.16%, reflecting model adjustments and forward multiple dispersion. Free cash flow yield contracted by approximately -106.76% QoQ and -95.18% YoY, signaling cash conversion weakness versus recent periods.
Dividend policy shifted with management increasing the quarterly payout to $0.70 per share as announced alongside the second-quarter results; that change raises the annualized distribution to $2.80 and places shareholder return emphasis alongside buybacks and capital allocation actions disclosed in filings.
Valuation summary: elevated forward multiples (forward P/E and forward P/S), a compressed free cash flow yield, and modest returns on capital underpin WMDST’s over-valued designation despite revenue growth and a higher cash-flow margin; the dividend increase supports distributions but does not materially alter the multiple-driven valuation gap.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-07-31 |
| NEXT REPORT DATE: | 2025-10-30 |
| CASH FLOW | Begin Period Cash Flow | $ 126.1 M |
| Operating Cash Flow | $ 32.1 M | |
| Capital Expenditures | $ -14.22 M | |
| Change In Working Capital | $ -22.87 M | |
| Dividends Paid | $ -17.09 M | |
| Cash Flow Delta | $ -2.76 M | |
| End Period Cash Flow | $ 123.3 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 392.1 M | |
| Forward Revenue | $ 143.6 M | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 4.1 M | |
| Depreciation and Amortization | $ 6.2 M | |
| Research and Development | — | |
| Total Operating Expenses | — | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | — | |
| EBIT | — | |
| Operating Income | — | |
| Interest Income | $ 7.9 M | |
| Interest Expense | $ 1.8 M | |
| Net Interest Income | $ 6.1 M | |
| Income Before Tax | $ 48.9 M | |
| Tax Provision | $ 17.2 M | |
| Tax Rate | 35.093 % | |
| Net Income | $ 42.2 M | |
| Net Income From Continuing Operations | $ 31.8 M | |
| EARNINGS | ||
| EPS Estimate | — | |
| EPS Actual | — | |
| EPS Difference | — | |
| EPS Surprise | — | |
| Forward EPS | $ 3.70 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 2.0 B | |
| Intangible Assets | $ 415.1 M | |
| Net Tangible Assets | $ 814.8 M | |
| Total Current Assets | — | |
| Cash and Short-Term Investments | — | |
| Cash | $ 123.3 M | |
| Net Receivables | $ 93.0 M | |
| Inventory | — | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | $ 6.1 M | |
| Short-Term Debt | $ 15.0 M | |
| Total Current Liabilities | — | |
| Net Debt | — | |
| Total Debt | $ 116.2 M | |
| Total Liabilities | $ 559.7 M | |
| EQUITY | ||
| Total Equity | $ 1.2 B | |
| Retained Earnings | $ 581.5 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 73.65 | |
| Shares Outstanding | 16.700 M | |
| Revenue Per-Share | $ 23.48 | |
| VALUATION | Market Capitalization | $ 5.1 B |
| Enterprise Value | $ 5.2 B | |
| Enterprise Multiple | — | |
| Enterprise Multiple QoQ | — | |
| Enterprise Multiple YoY | — | |
| Enterprise Multiple IPRWA | — | |
| EV/R | 13.317 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.593 | |
| Asset To Liability | 3.5 | |
| Debt To Capital | 0.086 | |
| Debt To Assets | 0.059 | |
| Debt To Assets QoQ | -6.627 % | |
| Debt To Assets YoY | 26.401 % | |
| Debt To Assets IPRWA | high: 0.305 median: 0.163 mean: 0.158 PIPR: 0.059 low: 0.039 |
|
| Debt To Equity | 0.094 | |
| Debt To Equity QoQ | -0.871 % | |
| Debt To Equity YoY | 18.113 % | |
| Debt To Equity IPRWA | high: 1.032 median: 0.316 mean: 0.215 PIPR: 0.094 low: -0.581 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 4.151 | |
| Price To Book QoQ | 19.74 % | |
| Price To Book YoY | 29.261 % | |
| Price To Book IPRWA | high: 9.725 median: 5.441 mean: 5.162 PIPR: 4.151 low: -4.063 |
|
| Price To Earnings (P/E) | — | |
| Price To Earnings QoQ | — | |
| Price To Earnings YoY | — | |
| Price To Earnings IPRWA | — | |
| PE/G Ratio | — | |
| Price To Sales (P/S) | 13.02 | |
| Price To Sales QoQ | 7.295 % | |
| Price To Sales YoY | 20.486 % | |
| Price To Sales IPRWA | high: 13.733 PIPR: 13.02 mean: 10.902 median: 10.633 low: 1.948 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 69.827 | |
| Forward PE/G | — | |
| Forward P/S | 35.555 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | — | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.207 | |
| Asset Turnover Ratio QoQ | 21.991 % | |
| Asset Turnover Ratio YoY | 16.009 % | |
| Asset Turnover Ratio IPRWA | high: 0.287 PIPR: 0.207 mean: 0.095 median: 0.032 low: 0.015 |
|
| Receivables Turnover | 3.552 | |
| Receivables Turnover Ratio QoQ | 15.248 % | |
| Receivables Turnover Ratio YoY | -58.057 % | |
| Receivables Turnover Ratio IPRWA | high: 6.525 PIPR: 3.552 median: 1.357 mean: 1.309 low: 0.037 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 25.692 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | — | |
| CapEx To Revenue | -0.036 | |
| CapEx To Depreciation | -3.483 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 2.4 B | |
| Net Invested Capital | $ 1.2 B | |
| Invested Capital | $ 1.2 B | |
| Net Tangible Assets | $ 814.8 M | |
| Net Working Capital | — | |
| LIQUIDITY | ||
| Cash Ratio | — | |
| Current Ratio | — | |
| Current Ratio QoQ | — | |
| Current Ratio YoY | — | |
| Current Ratio IPRWA | — | |
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | — | |
| Cost Of Debt | 1.007 % | |
| Interest Coverage Ratio | — | |
| Interest Coverage Ratio QoQ | — | |
| Interest Coverage Ratio YoY | — | |
| Interest Coverage Ratio IPRWA | — | |
| Operating Cash Flow Ratio | — | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 2.469 | |
| Dividend Payout Ratio | 0.405 | |
| Dividend Rate | $ 1.02 | |
| Dividend Yield | 0.003 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 7.615 % | |
| Revenue Growth | 13.109 % | |
| Revenue Growth QoQ | -150.958 % | |
| Revenue Growth YoY | 1420.766 % | |
| Revenue Growth IPRWA | high: 20.005 % PIPR: 13.109 % mean: 8.85 % median: 6.883 % low: -26.702 % |
|
| Earnings Growth | — | |
| Earnings Growth QoQ | — | |
| Earnings Growth YoY | — | |
| Earnings Growth IPRWA | — | |
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | — | |
| EBIT Margin QoQ | — | |
| EBIT Margin YoY | — | |
| EBIT Margin IPRWA | — | |
| Return On Sales (ROS) | — | |
| Return On Sales QoQ | — | |
| Return On Sales YoY | — | |
| Return On Sales IPRWA | — | |
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 17.9 M | |
| Free Cash Flow Yield | 0.351 % | |
| Free Cash Flow Yield QoQ | -106.762 % | |
| Free Cash Flow Yield YoY | -95.175 % | |
| Free Cash Flow Yield IPRWA | high: 5.356 % mean: 4.444 % median: 3.974 % low: 3.711 % PIPR: 0.351 % |
|
| Free Cash Growth | -108.21 % | |
| Free Cash Growth QoQ | -54.999 % | |
| Free Cash Growth YoY | -53.472 % | |
| Free Cash Growth IPRWA | high: 177.453 % mean: -47.069 % PIPR: -108.21 % median: -141.684 % low: -360.188 % |
|
| Free Cash To Net Income | 0.425 | |
| Cash Flow Margin | 22.583 % | |
| Cash Flow To Earnings | 2.099 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 2.232 % | |
| Return On Assets QoQ | -29.922 % | |
| Return On Assets YoY | 20.129 % | |
| Return On Assets IPRWA | high: 3.259 % PIPR: 2.232 % mean: 1.012 % median: 0.386 % low: 0.132 % |
|
| Return On Capital Employed (ROCE) | — | |
| Return On Equity (ROE) | 0.034 | |
| Return On Equity QoQ | -35.888 % | |
| Return On Equity YoY | 11.111 % | |
| Return On Equity IPRWA | high: 0.081 mean: 0.047 median: 0.046 PIPR: 0.034 low: -0.009 |
|
| DuPont ROE | 3.453 % | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |